Ethereum Price Pullback Deepens: Bulls Struggle to Hold Support
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Ethereum price failed to clear the $3,400 resistance and extended losses. ETH is struggling and might continue to move down if it stays below $3,400.
Ethereum started a fresh decline from the $3,400 zone.
The price is trading below $3,350 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to start a fresh increase above the $3,300 resistance level.
Ethereum Price Extend Losses
Ethereum price failed to start a recovery wave above the $3,400 level and extended losses like Bitcoin. ETH declined below the $3,350 and $3,320 support levels.
There was a clear move below $3,250 and $3,220. A low was formed at $3,159 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. There is also a connecting bearish trend line forming with resistance at $3,300 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,320 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,300 level and the trend line.
The first major resistance is near the $3,400 level. The main resistance is now forming near $3,450 and the 50% Fib retracement level of the recent decline from the $3,742 swing high to the $3,159 low. A clear move above the $3,450 resistance might send the price toward the $3,500 resistance.
An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,160.
A clear move below the $3,160 support might push the price toward the $3,080 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,160
Major Resistance Level – $3,300
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